According to White, such features are likely to be "attractive candidates" for the iPhone 5, which is projected to launch in June 2011.

"Watching local TV stations on a smartphone could be an attractive option for some consumers," White wrote in an investors note obtained by AppleInsider.

"Additionally, an embedded pico projector allows users to project a slide presentation or video on a wall or other surface in large size, which makes sense for the iPhone 5 in our view, as Apple seeks to expand the features in the next-generation iPhone."

He added that such features could also (eventually) appear in future hardware updates for the wildly popular iPad, which would provide an "even richer experience" for users.

"It will be interesting to see what new features come with the iPhone 5...[And] maybe there is [even] an angle that Apple could work into these potential new features as it relates to the iTunes store."